China’s Devaluing of Its Currency Leads to Dropping Share Prices at Wynn
Wynn Resorts, which generates more than half its revenue from the Chinese gambling hub of Macau, slipped $2.39 on news Tuesday that the Chinese government would be devaluing its currency.
That news affected the stock market worldwide. The Dow Jones industrial average lost 212.33 points, or 1.2 percent, to close at 17,402.84. The Nasdaq composite index fell 65.01 points, or 1.3 percent, to 5,036.79 The Standard & Poor's 500 index fell 20.11 points, or 1 percent, to 2,084.07.
"China is the second-largest economy in the world, and they are certainly going through a stage right now where growth is not as robust as it has been," said Michael Scanlon, a managing director at John Hancock Asset Management. "China is one of the biggest risks to the equity market as a whole."
- Aaron Goldstein, Gambling911.com
